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THE INSTITUTE FOR ADVANCED STUDY
Present:
Absent:
• Minutes:
Financial report:
N I N U T E S
Meeting of the Budget Committee
March 11, 1986
New York, New York
Messrs. Hansmann, Woolf. Also Mr . Rowe and Mesdames
Labalme and Manning.
Messr s . Byrom, Dilworth, Taplin and Wolfensohn •
Mr. Hansmann agreed to serve as Chairman in Mr.
Taplin ' s absence. The meeting was opened at 12:45 p .m.
The minutes of the meeting of October 25, 1985, were
approved as circulated.
Mr . Rowe reported that the endowment was now at $157.5
million. This represented an increase of $20. 5 million
since July 1, 1985.
Government contracts were expected to shrink by a.bout
5%. The Department of Energy has requested that the
Institute underspend i ts contracts by 4.5 % which means
about $100,000 less .
The draw on the endowment was 7.1% for Fiscal Year .
1985 . Mr . Rowe projected the following draw for the
next few year s:
1986: 7.1%
1987: 7.5%
1988 = 7. 6%
These projections were based on the assumption of a 6%
increase in the market value of the endowment .
In comparing our draw with that of other institutions,
Mr . Rowe had found that while Yale, Rockefeller, and
Princeton Universities all use different methods to
arrive at a draw that will keep endowment in
equilibrium over the long term, all of these
institutions consider that to draw more than 6% is to
operate in a liquidation mode.
Princeton, New Jersey 08540 Telephone 609-734-8000
Board of Trustees Records: Committee Files: Box 1: Minutes - Meeting of the Budget Committee March 11, 1986
From the Shelby White and Leon Levy Archives Center, Institute for Advanced Study, Princeton, NJ, USA

THE INSTITUTE FOR ADVANCED STUDY
Present:
Absent:
• Minutes:
Financial report:
N I N U T E S
Meeting of the Budget Committee
March 11, 1986
New York, New York
Messrs. Hansmann, Woolf. Also Mr . Rowe and Mesdames
Labalme and Manning.
Messr s . Byrom, Dilworth, Taplin and Wolfensohn •
Mr. Hansmann agreed to serve as Chairman in Mr.
Taplin ' s absence. The meeting was opened at 12:45 p .m.
The minutes of the meeting of October 25, 1985, were
approved as circulated.
Mr . Rowe reported that the endowment was now at $157.5
million. This represented an increase of $20. 5 million
since July 1, 1985.
Government contracts were expected to shrink by a.bout
5%. The Department of Energy has requested that the
Institute underspend i ts contracts by 4.5 % which means
about $100,000 less .
The draw on the endowment was 7.1% for Fiscal Year .
1985 . Mr . Rowe projected the following draw for the
next few year s:
1986: 7.1%
1987: 7.5%
1988 = 7. 6%
These projections were based on the assumption of a 6%
increase in the market value of the endowment .
In comparing our draw with that of other institutions,
Mr . Rowe had found that while Yale, Rockefeller, and
Princeton Universities all use different methods to
arrive at a draw that will keep endowment in
equilibrium over the long term, all of these
institutions consider that to draw more than 6% is to
operate in a liquidation mode.
Princeton, New Jersey 08540 Telephone 609-734-8000
Board of Trustees Records: Committee Files: Box 1: Minutes - Meeting of the Budget Committee March 11, 1986
From the Shelby White and Leon Levy Archives Center, Institute for Advanced Study, Princeton, NJ, USA